About this Purchase
The property is comprised of 47 units, including 43 studio apartments and and four one bedroom one bath units. The building is all brick construction and was built in 1924.
The listing agent approached us with this opportunity as the buyer was having difficulty obtaining financing. Apartment buildings comprised of all brick construction are impossible for most lenders to consider. Not only were we able to find a lender who was okay with the asset type, however they also offered very competitive loan terms and managed to hit a loan to value of 68%. The buyer walked away with a 5 year fixed loan at 3.44% with a 30 year amortization and a 20 year loan term. The prepayment penalty was a step down which will allow the buyer to access his equity in the years to come. The transaction closed in 60 days and the buyer was very satisfied with our service and ability to perform when others could not.